Gregory Loles (Farnbacher Loles Racing) target of fraud case?

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Updated story HERE.

Gregory LolesAccording to the New Haven Register’s James Tinley, Gregory Loles of the race team Farnbacher Loles Motor Sports, LLC is being considered a person of interest in a massive embezzlement of St. Barbara Greek Orthodox Church funds.

Farnbacher Loles

State Attorney General Richard Blumenthal said his office is reviewing the facts to determine the state laws that may have been broken but the case has the US Department of Justice has the lead in the case.

“Sadly and tragically, this potential fraud seems to be of massive magnitude — making the federal investigation and involvement very appropriate,” Blumenthal said. “We are reviewing whether there are potential violations of state statutes and how we can pursue them and aid the federal investigation. We understand the FBI is actively involved, and we would commonly defer to federal criminal authorities in their criminal investigation. But there may well be state statutes that merit our investigation.”

Judging by the article it appears that the investigation is for serious amounts of cash as the church had just held a capital campaign for an expansion. There is also some investigative information regarding Loles background that could be worth keeping an eye on. Check out the article by Mr. Tinley and share your thoughts here.

At this point it seems that Loles was in charge of the money that was raised for the project according to church officials and that fraud has been discovered but most people close to the case are being very tight-lipped about the incident.

Certainly, as with any allegation, the person remains innocent until proven otherwise and we would do well to caution our readers that this is the spirit in which we report this news.

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